Belfast invoice finance specialist, Upstream Working Capital, has opened an office in Sandyford in Dublin to target SMEs in the Republic.

Led by Judith Totten, who established the business after leaving Danske Bank, Upstream says it can support transactions of up to €10m per client.

Upstream has been active in Northern Ireland SME funding space since 2011 and secured fresh investment from a US-based shareholder in 2019.

Aidan Dolan, who is heading up the Dublin office, commented: “This is a natural progression for Upstream, following its success in Northern Ireland and our backing from a major new funder.

“We see great opportunities as Ireland is set to be the strongest growing eurozone economy in 2020. Most businesses within the SME space are planning to invest and employ more people in 2020. We want to support these companies with their investment and growth plans.”

In Association with

Upstream also provides trade finance. The company instances where a manufacturer receives a large order that requires additional investment in packaging materials and raw ingredients.

According to Totten: “A trade finance funder would step in and finance the supply chain on the back of the secured order so that it could be fulfilled on time. Repayment terms are typically short-term, say 90 days, where the funding is returned shortly after orders have been delivered and paid for.”

Photo: Judith Tonnen with sales director Alan Wardlow (left), Aidan Dolan and finance director Colin Dundas (right)